If you have financed the purchase of your home with a mortgage, your lender will most likely require you to get Buildings Insurance to protect their investment. If your home is paid for, it may still reward you to have Buildings Insurance as it gives protection against the costs incurred should your property be damaged.

Having a Buildings Insurance policy would pay for the rebuilding of your property should it be destroyed by or sustain damage by, an insured event. Either the rebuilding cost can be unlimited or up to a specified sum, this detail is agreed when you purchase your policy.

The policy will cover the structure of your home, the roof and walls, plus any permanent fixtures within, such as a kitchen or bathroom. It generally gives protection against fire, flood, theft and subsidence plus other events, which need to be checked and agreed upon before you buy the policy. If your property is located within a flood zone, the insurance company may not agree to provide flood cover. This could a consideration when you are looking at properties to buy, if the property is in a flood risk area, the insurance companies may give flood cover but at a price that may prove too prohibitive.

If your property is in an area that is prone to subsidence or if it has a history of subsidence, it may prove difficult to obtain building insurance. Should your home have a history of subsidence, then a recognized professional should perform any underpinning and a guarantee obtained. Proof of the work being done satisfactorily will assist in acquiring cover.

Savings can be made when buying Buildings Insurance by simply checking the marketplace for the best price. Some insurers will offer a discount if you also buy Contents Insurance when you buy Buildings Insurance with them. Additional discounts can be obtained if you have other policies with the same insurance company, for example, Motorcar Insurance.

Generally, it is considered that new buildings are built to a higher standard and are more cost effective to run, than older ones. This is reflected in the cost of the premium. The placement and quality of a good warranty will affect the price and availability of Buildings Insurance on a new home.

There will be a reduction in the cost of your premiums if no claims have been made against your Buildings Insurance in the last three or more years. There are a number of things you can do to your home to reduce the risk of making a claim. Fitting high quality locks on all external doors and windows and the installation of a recognised good home security system and a smoke alarm. Insurers look upon even joining the local neighborhood watch campaign favorably.

As with all forms of insurance, a factor, which greatly influences the cost of the premium, is the amount of excess you are prepared to pay in the event of a claim. The higher the excess amount, the lower the premiums will be. This, plus many other details regarding your level of cover will need to be compared carefully. To assist with this process, it might prove useful to use a specialist broker when searching for Buildings Insurance.